European Property Sustainability Matters European Property ...

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Contents Executive summary 1 Introduction 5 The market reaction 5 Climate change – the basics 5 Insurance Costs 6 Policy responses to climate change 7 Corporate responses to climate change 7 Carbon Footprinting 10 Carbon Footprint Ranking 11 Carbon Disclosure Project 12 European Union Directives 14 Energy Performance Buildings Directive 14 Existing Buildings 14 New Buildings 15 Waste Electrical and Electronic Equipment Directive 16 Environmental Liability Directive 17 European Union – examples of sustainability policy and initiatives 19 Austria 19 Belgium 20 Bulgaria 20 Croatia 20 Czech Republic 20 Denmark 20 England and Wales (and Scotland) 21 Estonia 21 Finland 21 France 21 Germany 22 Greece 22 Hungary 23 Ireland 23 Latvia 23 Lithuania 23 Luxembourg 24 Netherlands 24 Poland 24 Portugal 25 Slovak Republic 25 Slovenia 25 Spain 25 Sweden 25 Sustainability assessment tools 27 The Building Sustainability Assessment Toolkit 27 Private and Public Sector Guidance 29 Asset Managers – a check list 30 Developers – A Checklist 32 Building Research Establishment Environmental Assessment Method (BREEAM) 34 LEED (Leadership in Energy and Environmental Design) 35 SEDA (Sustainable Energy Development Authority’s “Australian Building Greenhouse Rating”) 35 Occupiers – A checklist 36 Corporate social responsibility - who’s doing what 39 Practical steps to tackle climate change 39 Case studies 47 Red Kite House, Howbery Park, Wallingford, Oxfordshire, UK 47 Heelis, National Trust, Swindon, UK 49 Gazeley, Eco-Template Bedford, UK 50 Malmo Vastra Hamnen and the BO01 Area, Sweden 52 Vilamoura, Portugal 54 Manufaktura, Lodz, Poland 56 Property sustainability policy timetable 59 This publication is printed on recycled, post-consumer fibre, totally chlorine free paper produced from sustainable stock. FSC certification.
King Sturge: European Property Sustainability Matters Executive summary Climate change is now inevitable; the property market must prepare for the changes this will bring. The key words for the property market increasingly are; “reduce, re-use and re-cycle”. This third King Sturge Property Sustainability Matters report again emphasises the four targets for property investors, developers, financiers, occupiers and policy makers: a) Be prepared for climate change and uncertainty; Hurricane Katrina in 2005 and the European droughts of 2003 and 2006 are warning signs b) The cost of property insurance and litigation are rising, so is the cost of energy over the medium to long term and as is property maintenance c) Legislation is changing – perhaps not as fast as some had hoped – but as laws change, property markets also change d) The concept and concerns about Corporate Social Responsibility (CSR) are here to stay and increasingly relevant to property, as this report demonstrates. The King Sturge view is that the impact of climate change, energy costs, legislation and CSR will result in a two-tier investment market; Grade A investment stock will increasingly reflect these four key issues. Political Failure There is an increasing amount of rhetoric emerging from politicians, but there is a widespread failure to implement United Nations treaties and European Union directives; many of the ideas were first proposed at the UN Stockholm Summit in 1972. • In the face of uncertainty, inactivity or weakness by governments, many businesses are beginning to realise that early action to reduce their contributions to climate change and other “sustainable” issues are not only necessary, but can also be profitable. Major corporations are now overtaking governments. • An increasing number of major occupiers, as well as property investors, are becoming more demanding in terms of their CSR initiatives, which will impact on rental values. The Royal Institution of Chartered Surveyors (RICS) has also now produced a “Green Value” report identifying impacts on property vales. The concept of a “carbon footprint” is an interpretation of the effect of human activity on climate, and one way to benchmark a CSR target. The Trucost Carbon Footprint Ranking of UK Investment Funds places Scottish Widows, Norwich Union, Lazards, F&C Stewardship and CIS as the best five out of 44 funds (see page 11). An initiative, carried out in 2005 by 155 global institutional investors, sought to assess the responses by large corporations to climate change. The investors, who were signatories to the Carbon Disclosure Project (CDP) and represent over $21 trillion in assets, requested information on initiatives by organisations in the Financial Times Global 500 list of companies. The ensuing report comments that: “This interest from the investment community, coupled with a record high 71% disclosure rate to the CDP 2005 information request points to a continued elevation of climate change as a critical shareholder value issue in the minds of investors and corporations alike.” To reduce costs and to win the public relations confidence of consumers and investors, CSR policies are increasingly aimed at reducing, reusing and re-cycling, but linked to the THREE CONCEPTS OF SUSTAINABILITY: economic, social and environmental.
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